台灣銀行業女性參與董事會與風險指標之關聯性分析

Female participation in the board and financial risks: The Case of Banks in Taiwan

戴郁文(Yu-wen Tai)

指導教授 ： 徐政義

國立中央大學/管理學院/財務金融學系碩士在職專班/碩士(2015年)

摘要

為強化對企業加以落實公司治理的決心，2014年3月由臺灣證券交易所股份有限公司與財團法人中華民國證券櫃檯買賣中心出資共同研議評鑑公司治理之評鑑系統，其中超過三分之一評鑑指標中評估董事會的效能，暗示了董事會效能在公司治理的重要性。評鑑系統也針對性別多元化，列入評鑑指標之一，目前文獻當中探討董事會性別多元化與公司經營績效逐漸被重視，然與公司經營風險決策關聯性的研究付之闕如。故本論文主要研究乃探討台灣銀行業女性參與董事會對於風險相關的財務指標之關聯。
本研究以39家本國銀行業為研究樣本，研究方法主要採用靜態分析與線性迴歸模型分析，並透過二階段最小平方法控制內生性的問題。實證研究結果發現：
1.台灣銀行業女性參與董事會(包含人數及比率與女性獨立董事及女性監察人人數)與資本適足性及資產品質有統計上正向關聯性。
2.透過虛擬變數的測量，有統計上足夠的證據顯示女性獨立董、監事存在與具有二位以上的女性董監事之董事會，對於資本適足性及資產品質有正面的影響。

關鍵字

性別多元化 ； 女性董事 ； 董事會 ； 財務風險 ； CAMEL指標

並列摘要

To strengthen a corporate’s ambition to carry out corporate governance, the Taiwan Stock Exchange (TWSE) together with the Taipei Exchange (OTC) established the evaluation assessment of corporate governance on March 2014. Among a group of evaluation indicators, more than one third of them are designed and used for examining the operational effectiveness of the Board, which implies the important relationship between the composition of the Board and effectiveness of a corporate’s operation. Other than that, gender diversity is particularly considered and incorporated into the evaluation assessment. More and more studies has emphasized on the impact of the gender diversity of the Board on a firm’s operational performance in recent years. However, existing literatures rarely investigated the association between the gender diversity in the Board and a corporate’s risk assessment. To fill this gap, the main objective of this thesis is to explore the influence of the participation of female directors and inspectors in the Board on the performance of risk-related financial indicators by using local banks’ data in Taiwan.
A total of 39 local banks in Taiwan are sampled to achieve the goal of this research. The main methodology used in this research is static analysis and simple liner regression. The two-stage least square of estimation (2SLS) is adopted to control for the endogeneity in the analysis. The main results show that, firstly, the participation of female members in the Board (measured by, namely, the number of female members, the ratio of female members to total members, and the number of outside females directors and inspectors in the Board) is positively related to the performance of capital adequacy and asset quality. Secondly, the result shows that the participation of outside female directors and inspectors as well as the Board with more than two female directors and inspectors are linked to greater performance of capital adequacy and asset quality.

並列關鍵字

Gender Diversity ； Female Directors ； Board ； Financial Risk ； CAMEL

參考文獻

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